You own your chair. Most importantly, 9 out of 10 people got their hoveround for little or no cost. Call now for your free dvd and information kit. You dont really have to give up living, because you dont have your legs. Hoveround replaced the legs. And now every hoveround comes with this handy tote bag and cup holder for access to your favorite items. And right now, get this limited edition hoveround America Travel mug free with your hoveround delivery. [singing] hoveround takes me where i wanna go. Call or log on to hoveround. Com to find out where a hoveround can take you i saw some barbell selling today. One part of the barbell, the Kellogg Proctor side really, really soggy. The other end, the material side that goes to china. That, too, not so great. What took up the slack . The industrials looked terrific and you still get a lot of retailers that look good. So remember, theyre just rotating from expensive to cheaper. Like i say, theres always a bull market somewhere. Im jim cramer and see you tomorrow welcome to todays worldwide exchange. Italy leads european stocks higher as gen rally shares rally. They posted betterthanexpected earnings after the ceo promised a revolution. Lufthansa is taking flight saying its revamp will help boost operating profits. And samsung fires the next shot in the Global Smartphone wars, getting ready to set its next device right in apples backyard. And pope francis begins the day with a prayer outside the vatican as the pope continues to celebrate the election of the first noneuropean pope in 1300 years. Announcer youre watching worldwide exchange, bringing you Business News from around the globe. Well, the dow did it nine days straight, 16 days higher. About 34 the points above fair value on the dow. Adding about 20 at this point. The nasdaq is pointing higher. Take a look at whats been happening worldwide. The cnbc ftse global 300 is up about 11 today. Pretty much a mirror image of what we saw yesterday. The same is true when we take a look at european markets. Its rebounding, adding about 1. 3 . This follows yesterday, italy coming to market with four bonds that didnt necessarily go over as strong as expected. Italy will be looking to raise longer term debt. The same is true for spain today. If you look at the ibex 35 rallying about 11 ahead of that auction, it was one of the lone green spots on the map yesterday. And the ftse 100 which has underperformed on earnings weak ps issic maing up ground this morning above 6 500, we should add. Here is the bond space. You can see here relatively steady 37 italy is rallying today, 4. 65 , the yield coming down. Spain meanwhile is moving out a little bit. Its interesting to see out here the opposite of what we have seen. Italy, again, were seeing some demand. Investors are filing out of german bund this morning. For more on what that impact were seeing across the forex space, lets take a look here. The aussie dollar is was to one in particular adding 0. 5 after stronger than expected data that suggested perhaps this loosening cycle is over. In fact, also according to the city analysts, maybe the u. S. Dollar strength story isnt the only story in town that people still like some of the commodity or other stronger based stories, as well. Dollar yen is at 96. 41, weak weakening about 0. 3 . On that note, lets get straight out to li sixuan. More weakness for the yen. Whats going on with the nikkei . The nikkei, in fact, outperformed the rest of asia. But as we can see, its a mixed bag for asian bourses. Regional issues overshadowed another record breaking close for wall street. The nikkei 225 gained over 1 . Hopes of reflationary policies boosted property counters ahead of kurodas widely expected confirmation as the bojs next governor. But seiko cut its full year dividend outlook and dropped over 4 . The shanghai composite today gained a modest 0. after losing for five sessions, so nothing to shout about. Some sectors that had recently lablgd the market made a modest comeback such as law eshg mas, environmental stocks, media and medical shares. Both miners lost their sheen. According to Chinese Media reports, the lower prices of the pressure metal have put pressure on local miners. Meanwhile, the hang seng reversed early weakness to finish marginally higher helped by utilities and financials. Prudentials hong kong shares jumped a whooping 12 after the uk insurer posted higher dividends and profits. Property plays took the brunt of the selling today after big banks hiked Mortgage Rates for the First Time Since 2011. Elsewhere, south koreas kospi ended marginally in the green with automakers and Technology Shares capped by losses and financials. Australias asx 200 lost over 1 today as strong jobs data dampened hopes of another rate cut by the rba. And Indias Sensex still in action, now trading higher by a slow 1 . Back to you. Good to see you this morning. Thanks for that. The s b has given its view that it will enforce the minimum Exchange Rate with, quote, considerable determination. This in the last hour or so. You can see the euro swiss stronger by more than 0. 11 . Steven, great to see you this morning. Theres much to talk about. Lets start with the swissy. Any major news here . At this point, swiss has been one of the worlds biggest buyers of foreign reserves. It says it will continue to defend this 1. 20 ceiling. They havent had to buy that many reserves lately. They did lower their inflation rate, express concern about the economy. I was surprised that the market is buying euro swiss on this. We feel that euro swiss is going to head out, that they are very concerned. The actual statement didnt break any new grounds, but i guess the vigor with which they reiterated their desire to defend the floor influenced some people in the market. Dont they just love a central bank to come i know the message has been here. In some points, the swiss bank is benefiting more from the fact that people seem more willing to take a risk with the euro as opposed to chooting to fight it on the floor at this point. I think so. Its interesting with respect to the italian election that even though this considerable uncertainty doesnt seem to be showing up in terms of the sorts of tail risk factors that were taking the euro down last year. So i think that the snb is benefiting from that. They do have a lot of credibility and they indicate that they will use opportunities to push euro swiss up. And i think that the market is mindful of that, as well. Very few people think that theres a significant chance euro goes below 111 is. 20. When they do downside upside considerations, the downside is weaker than up theside. How much of that is going to affect the central bank and switzerlands ability to defend this cap here . In other words, if were not necessarily seeing this kind of aggressive flight to safety bid for the euro but starts structurally, what would that mean . Well, you know, i think that the the s b wouldnt mind if the ecb cut rates. Obviously, in the shortterm, that could put some pressure, but the real issue is tail risk. But by cutting rates and becoming more aggressive in terms of stimulating growth, we see markets even more convinced that the tail risk is diminished. I think that opens the door for the ecb im sorry, for the s b to weaken swissy. I think they will take the risk of pushing up the floor, not very high, but just to indicate that there is a direction and to tell investors in switzerland that its not just a rate differential that they have to Pay Attention to, they have to Pay Attention to the prospect of capital losses on their swiss holding. Which is a great point. I want to talk briefly about the dollar, too, because it has become a main part about the story, trying to figure out what this new trading environment is that were in. Is it a strong dollar point, steven, or you guys were making a point about the Australian Dollar today. Is it premature to say that is where were headed here . Im on the its relatively fragile. Were in a period where europe, japan, asia, the brix, theyre all disappointed theyre going sideways. So u. S. Asset markets have been the only game in town. The real test of the dollar cycle will come when we start to see the rest of the world the pick up and it looks to be now the uniqueness of u. S. Assets right now is nowhere near as profound as it was, say, in the late 90s and we had the internet boom or the reagan period. So, you know, as far as im concerned, the jury is still out. Weve gone long dollars, but i wouldnt say that were deeply committed to that dollar long. Thats a great point. So just in summary, what is your target for the u. S. Dollar index here for the next couple of months . You know, we can see it drifting up a couple of percent. I think that the dollar index, even if it goes up, the bigger trades are still short the yen, short sterling, and short swiss for that matter. And if we begin to see asia pick up, probably the em will start picking up smartly again. So, yeah, its kind of dollar positive. Id say weak dollar positive rather than, you know, grabbing it with two hands. Yeah, exactly. Best house on a bad block, too. Steven englander from citibank, thanks so much for joining us this morning. Generale shares have rallied today after italys biggest insurer posted a better than expected profit. Up 60 , not the kind of move you typically see for an insurance name. In an effort to clean up its Balance Sheet. Claudia, good morning. For the most part, pointing more towards weakness than strength. Whats different with generali . Generali is, this is the clean up. The ceo took over in august and has been in the last month silently working on this clean up of all of the numbers at generali. You mentioned that the impairment that they took on for this year of 1. 7, the majority in the Fourth Quarter was bigger than what the market was expecting. But they are actually really appreciating two things. One is the dividend of 0. 20 that he said he is intending to keep going in this direction as far as dividends and as far as payout is concerned. He wants to provide return for investors. The 20 cent dividend is what they had in 20121. The other part is the operating profits. They came in at 4. 2 billion. The market was expecting 4. 11. And on this mario grekco has said he is very confident that their core business is of high quality. The premiums rose by 2. 3 . Their ratio improved from 150 to 117 at the end of 2011 and also their combined ratio decreased, which is another positive note, came in at 95. 7 from 96. 5. So all of these numbers are showing positive signs for generali. And clearly, the fact that this is an important moment for mario grekco in taking over generali certainly given the market a move forward. We are going to be interviewing him in the next minute. We will be bringing you this interview later on today. And we will hear what he has to do about these numbers and for 2013 because so far he is positive this will bring in a full year of 4. 4 billion. Thank you very much. Were also going to talk to the ceo of ani yesterday. Chinas National Petroleum corporation is just over 4. 2 billion in smack. You can catch that interview later in the day on european closing bell. And staying with italy, some big news, it would appear, out of the region out of the country, i should say. The bank of italy is telling banks which recorded a loss in 2012 or have a core Tier One Capital below the Central Banks target not to pay a dividend. Its telling banks to adjust their loan Loss Division to match current and future economic context. I believe what that suggests is take future weakness into account. Now, italian banks, we wanted to look at the reaction here which appeared to be shrugging it off. Mario banko, up 278 . Bmps up 11 . Perhaps there will be more as they continue to digest the news. Also bonus policy might be in conjunction with the gains. Pope francis quietly slipped out of the vatican this morning. The former cardinal, Jorge Bergoglio is expected to meet with officials today. Claudia, great to see you. You know, what was really unusual last night, because we had a pope who retired and didnt pass away was this atmosphere of almost naked celebration. There was no sense of somberness, really. What is it like today . Well, today is kind of business as usual here in st. Peters square, kelly. As you can see, theres lots of tourists back there, but far away from the tens of thousands of people that packed this square last night cheering for Jorge Mario Bergoglio when he appeared on that balcony. Pope francis has been praying and one of the biggest for this year in rome is the measure. Later on, as you mention dollars, he may go visit americas Pope Benedict xvi. We were told the Vatican Press conference is here. Tomorrow will be the official closure of the conclave. Its business as usual here in the vatican and hes already down to business. Kelly. Thank you very much for that. Its nice almost just to hear the latin as people around the world were tuned in, bilingual, almost a trilingual event. Were going to take a quick break and leave you with a look at how people around the world have been reacting to news of pope francis. Zap technology. Departure. Hertz gold plus rewards also offers ereturn our fastest way to return your car. Just note your mileage and zap youre outta there well email your receipt in a flash, too. Its just another way youll be traveling at the speed of hertz. You are watching worldwide exchange. Italian insurer generali soars to the top of the ftse mib after the ceo suggests the company is cleaning up its act. Samsung is stepping up its site with a highly anticipated launch later today in new york. And celebrations continue in vatican city to welcome the new pope francis. Still to come on the show, corruption allegations tend to dominate headlines coming out of russia, but the country is scrambling to repair its image. More when we come back. [ kitt ] you know whats impressive . A talking car. But ill tell you what impresses me. A talking train. This ge locomotive can tell you exactly where it is, what its carrying, while using less fuel. Delivering whatever the world needs, when it needs it. After all, whats the point of talking if you dont have something important to say . Speculation surrounding the kremlins battle continues following the appointment of economist elvira nebulina as the chief. Shes seen as a close ally to vladimir putin. What does it all mean for investors . Charles robertson from renaissance capital, he suggests this appointment is yet another politically motivated move seen in Companies Like japan. Whats going on here . And hungary, as well. You have politicians who are trying to get growth higher. Theyre concern about the slowdown in russia. Putin is concerned. He wants growth to be 5 , 6 of , 7 . We think 4 or 5 is more reasonable. Hes appointed one of his people from inside the kremlin to take over the Central Banks. Russia is not japan. You could draw the parallels between japan, the u. S. , europe, all of these countries which has been through the financial crisis in the period of bust, maybe if you want to call it the command sharp, whatever, theres a clear case for fiscal stimulus. Not so with russia, correct . Is it not a structurally different story that makes it more vulnerable . I agree with you. It looks less necessary. He could have appointed there someone from the central bank. Hes appointing someone to try and push growth up. Were concerned thats going to lead to a weaker ruble. Shes got an easy job in six months time. When she takes over in june, theyll have inflation coming down. They can ford to cut so she can be all dovish. The markets wont mind that at fist. But a year out, i think the markets might be more skeptical about. Tell us whats happening in russia generally now. What kind of condition is it in . Its going to best unrecognized credit boom going on in the world today. Everything is loving thailand, indonesia, philippines, but its happening in russia, too. Its been happening for two years. They have a current account surplus. They can afford this credit boom. Inflation we think will turn in the summer. So theres no problem on the inflation side, too. Growth is going to come back stronger in the second half, anyway. Whoever is at the central bank. So were not convinced they need to be taking a more dovish stance. If it becomes clear that russias economy is doing well, that it doesnt necessarily need or should want rate cuts, how much pressure will she really be under to cut rates . I guess what im saying is it almost describes what youre describing as a winwin. Putin is pretty happy or it doesnt do well and so then theres the case for her to cut rates and maybe that will help with growth. We will fairly bullish on russia. Now, were saying that. The capital is based in russia. But we are fairly optimistic. I guess the question is two to three years out and whether or not youve got Inflation Expectations picking up, people potentially selling auftd ruble, selling rates and that then being an impediment. Thats a great point on the ruble, as well. Weve seen it weaken, a lot of structural problems with that economy, obviously looking to pressure monetary policies as policy tools. But in russia, do you sell the ruble here . Too early. I would have thought the ruble would be fine for the next few months. I might have thought with interest rates, ruble bonds are trading at, what, 10. 7 yield, thats attractive globally. If you like the global dead did he tell trade, you should be in russia, i wouldsy think, for at least the next six months, maybe a year. So we have our first potential g8 central bank chief, a russia story that while it has its concerns isnt making headlines as much as it should be. Sounds like it will be roughly intact here. What are we most concerned with when it comes to giving up the independence of Monetary Policy . Hungary worries us more and its not just Monetary Policy. Its the combination of Government Policies across the board. Youre seeing the markets worried about south africa also with a female central bank chief, but thats irrelevant to th